MARKET WRAP: Nifty ends May F&O expiry above 10,700, Sensex gains 416 pts

Benchmark indices gained on expectations that the domestic economy likely gained momentum in the first three months of 2018.

9:12 AM

MUST READ Nifty: Downside support at 10,420, well above 200-Day Moving Average

 

The Nifty is uncertainly poised but the background signals seem to be negative. The hung Karnataka assembly results were not to the market’s taste and the BJP’s failure to put together a government triggered bearish sentiment.

 

After that, geopolitics has taken over, with higher crude prices and a political crisis in Italy, causing a correction. The Nifty has now etched out a sequence of falling tops though support has held well above the index's 200 Day Moving Average. READ MORE

9:05 AM

Markets at Pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,040.64	+134.53	+0.39
S&P BSE SENSEX 50	11,146.13	+38.54	+0.35
S&P BSE SENSEX Next 50	33,034.76	+40.44	+0.12
S&P BSE 100	10,977.95	+34.25	+0.31
S&P BSE Bharat 22 Index	3,556.66	+7.96	+0.22

9:00 AM

Stock ideas from Prabhudas Lilladher:

 

BUY GODREJ INDUSTRIES 

CMP: Rs 580.55 

TARGET: Rs 635 

STOP LOSS: Rs 550

 

The stock has indicated a higher bottom formation pattern in the daily chart with intraday low taking support at the previous low made at around 525 levels and currently has showed a pullback to move past the 34 WMA moving average levels to signify potential and strength to rise still further in the coming days. The RSI has recently indicated a trend reversal and has signaled a buy and with positive bias maintained and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 635 keeping a stop loss of 550. Click here for more

8:58 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty has indicated a lower top formation in the daily chart but still clarity of directional movement of indices is still not maintained. With F&O segment expiry just around the corner, we anticipate volatility in the indices. BankNifty has got a support at around 26,000 levels while Nifty has got strong base at 10,520-10,540 levels. However, the support for the day is seen at 10,550 while resistance is seen at 10,670.

8:55 AM

Stock ideas by Tradebulls for today

 

Stock: BAJAJ FINANCE

Reco: Buy

CMP: Rs 2118

 

Stock: MAX FINANCIAL

Reco: BUY

CMP: Rs 483

Click here for rationale

8:50 AM

Nifty outlook by Tradebulls

 

The recent ‘Engulfing Bearish’ formation post the 4 days up move complimented the unwinding state & saw a decline towards 10,550. On the options front 10,500 PE remains heavily built up & remains a strong support followed by 10,600.The options pain remains at 10600 for the current series & the spinning top formation in yesterday’s session augurs well for a consolidative state hence expect the index to retain the range of 10,730-10,550 for the coming days.

8:49 AM

Markets on Wednesday

S&P BSE Sensex	34,906.11		-0.12%
Nifty 50	10,614.35		-0.18%
S&P BSE 200	4,618.64		-0.15%
Nifty 500	9,255.00		-0.17%
S&P BSE Mid-Cap	16,052.74		0.03%
S&P BSE Small-Cap	17,347.72		-0.19%

8:45 AM

SGX Nifty

 

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 25 points or 0.24 per cent. Nifty futures were trading around 10,656-level on the Singaporean Exchange.

8:40 AM

Asia stocks bounce, euro pulls off lows as Italy anxiety ebbs

 

Asian stocks rebounded from a two-month trough on Thursday, while the euro enjoyed a respite after sinking to its lowest in 10 months as political turmoil in Italy that had roiled global financial markets showed signs of easing.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.3 per cent having slumped to its weakest since the start of April on Wednesday.

 

South Korea’s KOSPI added 0.6 per cent and Japan’s Nikkei advanced 0.5 per cent.

8:34 AM

Wall Street rebounds as Italy worries ease

 

US stocks ended higher on Wednesday, and the S&P 500 and Dow registered their biggest daily percentage gains since May 4, on signs of easing political turmoil in Italy and as a surge in oil prices boosted energy stocks.

 

The Dow Jones Industrial Average rose 306.33 points, or 1.26 per cent, to 24,667.78, the S&P 500 gained 34.15 points, or 1.27 per cent, to 2,724.01, and the Nasdaq Composite added 65.86 points, or 0.89 per cent, to 7,462.45.

8:31 AM

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